MatlinPatterson Cuts Huntsman Stake, Resigns from Board

2:12 PM MDT | August 27, 2007 | Chemical Week Editorial Staff

Huntsman says that two of its directors, David Matlin and Christopher Pechock, both principals of investment firm MatlinPatterson (New York), have resigned from Huntsman’s board, effective August 8. MatlinPatterson agreed to sell about two-thirds of its Huntsman holdings through a privately negotiated transaction for $24.25/share, reducing its stake to less than 10%. The sale was underwritten by Credit Suisse Securities. The buyer was not disclosed. MatlinPatterson helped Huntsman avert bankruptcy in 2002 by agreeing to swap its Huntsman bond holdings for a...